Luxury skin care brand La Prairie is set to make its debut on short-form video platform Douyin in November in bid to improve its position in China’s challenging market environment.
This follows the brand’s recent debut on e-commerce platforms, Tmall and JD.com.
“We were pretty late entering Tmall and JD.com and we are doing extremely well,” said Vincent Warnery, CEO of La Prairie’s parent company Beiersdorf.
This is encouraging the company to expand its virtual presence to Douyin, the Chinese counterpart of TikTok.
Chinese retail brand MINISO has identified fragrances as one of categories that will be pivotal to its global ambitions, with the firm reporting buoyant demand in Indonesia.
To date, MINISO's entire fragrance category, which consists of products such as perfumes, has accumulated global revenue exceeding approximately USD240m.
“We believe that the perfume and fragrance market holds tremendous growth potential,” said Robin Liu, vice president and chief marketing officer, MINISO.
The category has primarily been driven by younger consumers, aged 25 to 34.
L’Oréal is turning to emerging markets such as India and South East Asia to drive growth in the wake of China’s slow market recovery.
On October 19, the L’Oréal Group announced that sales in the South Asia Pacific, Middle East and North Africa region (SAPMENA) achieved outstanding growth of 15.6%.
According to the firm, all countries in the region reported double-digit like-for-like growth. The Australia-New Zealand cluster, India, and Thailand were the region’s top three contributors.
American beauty multinational Coty’s fragrance portfolio is outpacing the China market twice over, says its CEO.
The fragrance market in China has been experiencing notable growth, driven by factors such as increasing disposable income, shifting consumer preferences, and a growing awareness and appreciation of fragrances.
“It's very interesting to see how the market is evolving quite fast, I have to say, specifically in the fragrance category… Maybe a year ago, we shared with you that we’ve start to see the Chinese getting very, very interested in this category and this is accelerating at an incredible pace, even their tastes are accelerating,” said Coty CEO Sue Nabi.
LG H&H outlines new strategies for five brands across luxury, premium segments amid disappointing results
K-beauty major LG Household & Healthcare (LG H&H) has outlined plans to enhance its luxury and premium brands after yet another disappointing quarter.
In Q3, LG H&H’s beauty sales decreased by 15.1% to KRW670bbn while operating profit tumbled by a whopping 88.2% to KRW8bn.
This was attributed primarily to the sluggish recovery in China as well as a slum in travel retail.
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